The Solana-based memecoin Moo Deng (MOODENG) is once again grabbing headlines after surging by 60% in the last 24 hours. This sharp rise comes on the heels of a major listing announcement by Upbit, one of South Korea’s largest cryptocurrency exchanges.
Upbit Listing Sends MOODENG Flying
On July 1, MOODENG was trading at just $0.14. But within two days, the token climbed to $0.21, marking its highest price since June 8. The boost came shortly after Upbit revealed plans to list MOODENG with KRW (Korean Won), BTC, and USDT trading pairs.
The listing announcement created instant buzz in the market. Historically, coins listed on Upbit often experience rapid price spikes due to a sudden increase in exposure and trading activity from Korean investors. As a result, MOODENG saw a sharp upswing, supported by strong technical indicators on its daily chart.
Technicals Show Bullish Strength
From a technical analysis point of view, MOODENG looks promising in the short term. Firstly, the price broke out of a falling wedge pattern, typically seen as a bullish signal.
MOODENG/USD Daily Chart | Credit: TradingView
Additionally, the MACD (Moving Average Convergence Divergence) showed a bullish crossover for the first time since May. This suggests a shift in momentum that may lead to further gains if buying interest holds.
The next key resistance is expected at $0.25, but for the rally to continue, bulls will need to protect the new $0.18 support zone. A successful retest of this level could pave the way for a push toward higher targets.
Volume and Market Activity Explode
MOODENG’s trading volume also tells a bullish story. According to data from Santiment, volume jumped from under $50 million on July 2 to more than $323 million within 24 hours.
MOODENG Trading Volume | Credit: Santiment
This massive rise indicates growing investor interest and strong market participation, two critical ingredients for a sustained price rally. When volume rises alongside price, it confirms that the upward move is backed by solid demand rather than a temporary pump.
What’s Next? Possible Targets and Risks
Zooming into the 4-hour chart, the price action becomes even more bullish. MOODENG has broken out of a symmetrical triangle, another classic breakout pattern.
The Average Directional Index (ADX) is currently at 32.94, which is well above the 25 mark, confirming a strong trend is in place. Similarly, the Money Flow Index (MFI) has spiked, indicating rising buying pressure and inflows into the token.
If this buying momentum continues, MOODENG could break above $0.23 and test the next resistance level at $0.28, which aligns with the 0.236 Fibonacci retracement level.
MOODENG/USD 4-Hour Chart | Credit: TradingView
However, there’s always a chance of a correction. If the memecoin becomes overbought, traders might start booking profits, leading to a drop in price. In a worst-case scenario, a sharp sell-off could drag MOODENG back down to $0.12.
MOODENG’s recent rally shows the impact a major exchange listing can have on a token’s market performance. With technicals turning bullish and trading activity on the rise, the memecoin could continue climbing, at least in the short term.
Still, memecoins are notoriously volatile, and investors should watch key support and resistance levels closely. Whether MOODENG turns out to be a short-lived hype or a breakout star of 2024 remains to be seen, but for now, the hippo-themed token is charging ahead.
